As we see the 2008 financial crisis negative effects on Real Estate diminishing, stalled projects are now back on track and I selected 3 of the most impressive projects ongoing in the Downtown Manhattan.
First, 30 Park Place/99 Church street, which has been a whole in the ground surrounding by temporary walls displaying the names of cities worldwide for about 2 years. A whole that residents of 50 Murray may no longer appreciate soon, as developer Larry Silverstein is planning to build an 80 story condo/hotel branded as a Four Season Hotel and Private Residences New York Downtown which consist of 189 rooms, 157 condo units with the most expensive unit flirting with the $35 million. The projects was re-activated upon an agreement with Children’s investment Fund Management LLP for up to $660 million in construction financing.
Second project, located at 80 South Street, a once planned tower designed by Santiago Caltrava has experienced shifts in few ways. First, a new team of architect from Morali Architects has been hired. Their proposal brings the tower higher than the original plan (1018ft vs 760ft), will most likely be used as a mix used development featuring a boutique hotel, condominiums, and sky gardens. the project could see the light of the day in 2016 if discussions between the NY YIMBY and chief architect Anthony Morali move forward.
Last, but not least, 5 Franklin Place, now called Franklin Place, is one of the newest Tribeca condominium projects. The building comprises of 53 units and its first round of listings have been released just 15 days ago on Streeteasy. The project, which started in 2008, initially had an uneasy design drawn by Ben Van Berkels, but developer El Ad Group manifested some ambition and hired ODA to re-design the building. Since the sales office open in April 2013, over 30% of the units have been sold while only 5 out of the 20 story have been built so far. Completion is expected for Fall 2014.
Fred M. On Real Estate 